Statement Of Adjustments
The Statement Of Adjustments is the document that sets out the rates and any other charges that have to be apportioned as between the vendor and the purchaser.
The Statement Of Adjustments will show the full purchase price, the amount of deposit deducted from the full purchase price, and then the balance owing. The amount due for the full year's council rates, and amounts due for water rates and body corporate fees, if applicable, are also stated. If penalty interest has been incurred, this too will be stated.
It is a standard contractual requirement that the vendor must pay the full year's rates, and then the purchaser is required to reimburse the vendor for the amount paid for the period from settlement to the end of the rating year.
